SQZ – Rowallan Exploration Well Spud

London, 31 December 2018Serica Energy plc (AIM: SQZ) is pleased to announce the spud of the ENI UK Limited operated Rowallan exploration well 22/19c-G (Serica 15%).  The well is targeting the high-pressure, high-temperature gas condensate Rowallan prospect, which comprises a significant structural fault and dip-closed trap in the east of Block 22/19c in the Central North Sea.  The Ensco 121 heavy duty jack-up rig is being used to drill the well.

The well is designed to penetrate high-quality sandstones at both Middle Jurassic and Triassic levels, which are optimally situated for hydrocarbon charge from the direction of the nearby Monan and Mungo oil fields. An independent competent person’s report estimates Serica’s net Rowallan prospective resources to be approximately 20 to 60mmboe (P50 and P10 respectively) within block 22/19c.

In the event of success, there is additional upside potential provided by the nearby Dundonald and Sundrum prospects, which are geologically similar to Rowallan.  The Rowallan prospect may also extend onto Serica’s recently awarded 30th Round blocks directly to the south.

Serica is fully carried for the exploration well, which is expected to take around 140 days to drill. A further update will be provided once the well has reached TD and initial results are known.

Serica’s partners in the licence are Eni UK Limited (Operator), JX NipponExploration and Production (U.K.) Limited and Mitsui.

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